As you already know, the housing market has been plummeting in the United States for some time now. This has been caused by the crisis that has reached global levels and needs to somehow be grounded. Well, Obama has created a plan to help five million families keep their homes from being taken back by the banks; to lift the housing market; and eventually slow down the crisis a little bit. In total, the Federal Government has put aside $75 billion dollars for this effort.
For those who want to apply, your loan has to be older than January 2009, and has to be on your primary residence. You will have to provide documentation proving difficult financial times or expected loss of wages. Also, if you are in a one-unit home, you cannot owe more than $729,250 on the principle. For homes with 2-4 units, the amount of course will be higher.
If you apply for this program and are approved, your monthly payments will not amount to more than 38% of your gross monthly income, and your interest rate will be decreased by 2%. After three modified monthly payments are made, there will be $1000 taken off of your principle every year that you are participating in this program. The government will pay that portion to the institute instead. That way, both parties involved win.
Taking part in this program will be of great benefit to you and your family. If you are in a desperate situation and think you might lose your home, it is recommended that you apply for this program. It only takes a bit of your time and can save you a lot of money in the end.
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